BRICS development benefits more than 3 bln people: Xi

Chinese President Xi Jinping said Sunday that the development of the BRICS countries has delivered tangible benefits to more than 3 billion people. [Special Coverage]

Xi made the remarks in a keynote speech at the opening ceremony of the BRICS Business Forum in the southeastern city of Xiamen.

The past decade has seen BRICS countries making headway in pursuing common development, Xi said.

In the past decade, combined GDP of the bloc has grown 179 percent, trade increased 94 percent while urban population expanded 28 percent, contributing significantly to stabilizing the global economy and returning it to growth, Xi said.

The leaders of Brazil, Russia, India, China and South Africa will meet at the ninth BRICS summit in Xiamen from Sept. 3 to 5.

An important side-event of the BRICS summit, the forum serves as a platform for business leaders to discuss issues of common concern, build consensus and raise policy suggestions.

Coined by former Goldman Sachs economist Jim O'Neill in 2001, the term "BRIC" referred to Brazil, Russia, India and China, four emerging economies with fast growth and great potential.

The BRIC grouping was formally established in 2006. In 2010, South Africa joined the group, and the acronym was changed to BRICS.